China is tightening regulatory oversight of its booming online finance and payments industry as it moves to stop money laundering and rein in loosely regulated financial products sold online.

A string of new rules will give the central bank more control over transactions of internet payment platforms and could force firms including Alibaba-affiliate Ant Financial and Tencent, among some nearly 270 online payment platforms, to share more data with China’s central bank.

Alipay and Tenpay together hold 91% of the online payments market in China. Photo: Bloomberg

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“That’s been a big challenge to the banks as they move into a world where fees matter less,” Mr. Kapron said. “The goal is the data, not the fees. The more you understand about the customer, the more you can sell things like wealth management products or movie tickets.”

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